REG - Jaywing PLC - Trading update and further funding

JaywingAnnouncement

01/10/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241001:nRSA3391Ga&default-theme=true

RNS Number : 3391G  Jaywing PLC  01 October 2024

Certain information contained within this Announcement is deemed by the
Company to constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon
publication of this Announcement, this information is now considered to be in
the public domain.

 

1 October 2024

Jaywing plc

("Jaywing" or "the Company")

 

Trading update and further funding

 

Jaywing Plc (AIM: JWNG), the marketing and data science business specialising
in integrated marketing and risk and data consulting, announces the following
update to its recent trading and the status of its funding.

 

As set out in the full year results, trading continues to be challenging
overall but with marked differences by geography and service.

 

Our business in Australia continues its year on year revenue growth. The
current pipeline in this division gives us every confidence that, helped by
having opened a second office in Melbourne and having won new business across
the wider APAC region, the division will deliver record revenues and
profitability this financial year.

 

The UK is more mixed. Our agency business has won a number of key new accounts
but as has been widely reported across the industry, clients are delaying or
reducing spend in many cases and this has been particularly noticeable in the
timing of new clients delivering budgeted revenue.

 

This delay to client spend has also been felt in our consulting division over
the summer where trading in H1 has been challenging. Encouragingly the
prospects for H2 are much better with some new client mandates won in
September and a strong pipeline of opportunities with both new and existing
clients.

 

In the short term, consulting was forecast to be a key contributor to cash
generation and its weak summer trading has therefore placed further strain on
the Company's working capital. The Company is now in constructive discussions
with its shareholder lenders in order to secure additional financial headroom
to enable the Company to complete its restructuring.

 

 

-Ends-

 

 For any further enquiries, please contact:

 For further information on the Company, please visit www.jaywing.com or
contact:

 

Jaywing plc

David Beck (Executive Chairman)

Christopher Hughes (CFO and COO)

T: +44 (0)333 370 6500

 

SPARK Advisory Partners Limited (Nominated and Financial Adviser)

Matt Davis / James Keeshan

T: +44 (0) 20 3368 3552

 

Turner Pope (Broker)

James Pope / Andy Thacker

T: +44 (0) 20 3657 0050

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCDBLFXZKLXBBV